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NBC and Citadel gain six months in Ion bid

NBC Universal and hedge fund Citadel Investment have extended an exclusivity agreement in their takeover bid for Ion Media Networks - a sign they plan to aggressively pursue the struggling broadcaster together.

In a filing with the Securities and Exchange Commission on Wednesday, NBC pushed back by six months to November 7 the expiration date of its exclusivity agreement with Citadel. The previous expiration date was May 7.

The agreement prevents Citadel, NBC and their advisers, including Goldman Sachs, from negotiating for Ion with anyone else.